TaxPersonal TaxInheritance tax law to be redrafted

Inheritance tax law to be redrafted

The Tory party has called on accountants to help redraft 'grossly unfair and horrendously complex' legislation that Gordon Brown hopes will recoup billions of pounds in tax.

Link: Clampdown on IHT ‘full of holes’

The pre-owned assets legislation has outraged the profession for its retrospective impact. Due in April 2005, the new tax will catch transactions undertaken as long ago as 1986.

WJB Chiltern was asked by Howard Flight, shadow chief secretary to the Treasury, to work out how to make the legislation fairer and more workable.

Nick Hughes, director of estate planning at WJB Chiltern, described the legislation in its current form as ‘a cynical attack’ on ordinary taxpayers.

Donald Drysdale, assistant director of tax at ICAS, said the institute was ‘deeply concerned’ with the proposed measures. ‘As they stand, they will impose unfair and arbitrary tax liabilities on many individuals including those of limited means who have made no attempts to avoid inheritance tax,’ he said.

Related Articles

Inheritance tax is 'unfit for modern society' and should be abolished, says think tank

Personal Tax Inheritance tax is 'unfit for modern society' and should be abolished, says think tank

3w Alia Shoaib, Reporter
Rent-a-room relief – the survey says…

Personal Tax Rent-a-room relief – the survey says…

2m Helen Thornley, ATT Technical Officer
What should the OTS prioritise in its review of inheritance tax?

Personal Tax What should the OTS prioritise in its review of inheritance tax?

4m Alia Shoaib, Reporter
LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

5m Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

6m Emma Smith, Managing Editor
HMRC urged to clarify impact of income allowances on Self-Assessments

Personal Tax HMRC urged to clarify impact of income allowances on Self-Assessments

7m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

8m Emma Rawson, ATT Technical Officer
Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

9m Alia Shoaib, Reporter